Business in the Burbs

Navigators to report losses from hurricanes

October

The Navigators Group Inc., a New York-based insurance holding company with offices in Rye Brook, said that losses from two severe hurricanes will hurt its results for the third quarter.

Navigators said that it expects after-tax losses from Hurricanes Gustav and Ike will be about $18 million, or $1.08 per share. The hurricanes caused widespread damage along the Gulf Coast this summer. The company also announced that its third quarter net realized capital losses will include impairments of about $4.7 million for declines in the market value of investment securities. The after-tax loss from such impairments will be about $3.1 million, or 18 cents a share, according to the company.

This entry was posted on Wednesday, October 15th, 2008 at 5:06 pm by Jay Loomis.
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